Technology news and insights in the Middle East, South Asia, and Africa
Technology News and insights in the Middle East, South Asia, and Africa
Khetan Group has acquired a 14 percent stake in Fonepay, Nepal’s largest payment system operator, as part of a Rs1.49 billion deal involving multiple investors. The move signals Khetan’s strategic push into fintech, with Fonepay processing over 90% of Nepal’s QR payments and preparing for a future IPO.
Major funding rounds and strategic investments across MENA are boosting the tech startup ecosystem. Key sectors include fintech, immersive media, spacetech, AI, and quick-commerce. Notable deals feature Saudi Arabia, UAE, Egypt, Kuwait, and Iraq startups. These investments drive regional innovation and align with economic goals like Saudi Vision 2030.
DPI Venture Capital, a new investment unit from DPI, has acquired Egyptian fintech fund manager Nclude, aiming to boost financial inclusion and access across Africa and the Middle East. The firm will focus on seed to Series C investments in tech companies enabling financial services for underserved consumers, particularly in Egypt.
PayTic, a Moroccan fintech startup, has secured $4 million in funding to enhance its payment automation solutions and expand into North and Sub-Saharan African markets. The investment will help the company address the growing demand for efficient payment processing in Africa’s rapidly expanding digital payments economy.
Kuwait-based fintech startup Krti has closed a $1.5 million pre-seed investment round with Core Vision Investment. The funding supports the upcoming launch of Krti’s innovative loyalty program, aimed at maximizing the benefits of users’ bank cards in Kuwait and Saudi Arabia.